Vodafone’s Digital Asset Broker and Chainlink Labs Collaborate to Transform Global Trade
Vodafone’s Digital Asset Broker (DAB) has partnered with Chainlink Labs, Sumitomo Corporation, and InnoWave to unveil a proof of concept (PoC) aimed at addressing inefficiencies in the $32 trillion global trade industry. The demonstration showcased the seamless exchange of critical trade documents across different platforms and blockchains, which is often hindered by disjointed systems. By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP) alongside DAB, the collaboration presented a solution to ensure security and interoperability across IoT devices at network fringes. This integration could pave the way for a unified interface facilitating secure data and token exchanges across public and private blockchain networks, as well as IoT networks.
Real-World Application
The PoC highlighted the potential application of DAB-enhanced IoT devices and blockchains in delivering secure and traceable data for smart contract, blockchain, and AI applications. An example use case involved a vessel autonomously transmitting data about a cargo fire to smart contracts via DAB’s platform and CCIP, potentially triggering a marine cargo insurance procedure.
Trade Document Exchange
Building on this initiative, the consortium will explore the feasibility of global trade applications utilizing DAB’s Economy of Things (EoT) platform. The EoT platform empowers devices to serve as reliable data sources during trade processes and leverages DAB’s capabilities for enhanced financial transaction processing. A demonstration at SmartCon 2023 showcased how trading entities could avoid unnecessary cargo transit delays by smoothly transferring a digital bill of lading between multiple stakeholders across various blockchains.
Vodafone DAB Joins Chainlink Network
In an important development, Vodafone DAB has become a Chainlink Network node operator through its collaboration with Chainlink Labs. This positions Vodafone DAB as a key player in facilitating enterprises to create and deploy smart contracts by ensuring secure and streamlined data exchange and computation. Chainlink’s decentralized oracle networks act as bridges between on-chain smart contracts and real-world events and data.
Hot Take: The Future of Global Trade with Blockchain Technology
The partnership between Vodafone DAB and Chainlink Labs demonstrates the immense potential of blockchain technology in addressing long-standing issues in global trade. With an estimated 3 billion IoT devices expected to transact in the economy of things by 2030, establishing consensus and validation between DAB and Chainlink will be crucial in driving this growth.
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